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Cryptocurrency can be finally legalized in Crimea

Cryptocurrency can be finally legalized in Crimea

Present situation on the Crimean Peninsula is characterized as relatively favorable for further legalization of electronic currencies. It’s an official announcement made by Dmitry Marinichev, Russia’s Internet ombudsman, who, in his turn, placed emphasis upon the fact, that this region is considered to be an offshore economic area. He also drew attention to potential establishment of stock markets submitting to the jurisdiction of the said territory, as long as such processes will eventually lead to legalization of electronic currencies.

For her part, Elina Sidorenko, the head of work group on cryptocurrency issues of the State Duma of the Russian Federation, pointed out that, this idea has already been discussed by the legislative authorities. Legalization of cryptocurrency in Crimea is viewed as a valuable tool aimed at improvement of the banking systems in the region.

The said legislative initiative implies substitution of interstate banking operations by cryptotransactions, that will eventually displace traditional SWIFT systems. However, this proposal still remains unimplemented, as long as it hasn’t gained any governmental support.

Previously the government of the Russian Federation has postponed adoption of the draft bill on cryptocurrencies. The legislators are still looking forward to investigating the potential risks that might occur after official legalization of cryptocurrencies. 

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